FAC Explorer

Audit 387714

FY End
2024-12-31
Total Expended
$6.28M
Findings
2
Programs
2
Organization: Ahi Ezer Housing Development Fund CORP (NY)
Year: 2024 Accepted: 2026-02-18
Auditor: FASTEN HALBERSTAM LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1174056 2024-001 Material Weakness Yes L
1174057 2024-001 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $5.31M Yes 1
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $975,070 Yes 1

Contacts

Name Title Type
LDP9VBYNY8E1 Eliot Harary Auditee
7186272500 David Stern Auditor
No contacts on file

Notes to SEFA

The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Ahi Ezer Kings Highway Housing Development Fund Company Inc. under programs of the federal government for the year ended December 31, 2024. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Project.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The mortgage balance at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of the outstanding federally insured mortgage at December 31, 2024, consists of the following:

Finding Details

Finding 2024-001
Condition HUD’s Real Estate Assessment Center (REAC) report was not filed on time. Criteria The REAC report should be filed within 90 days after the Organization’s calendar year-end. Cause The Organization experienced staffing turnover within the accounting function, resulting in additional time needed to comply with the timely reporting requirement. Effect The Organization was not in compliance with HUD’s reporting requirements. Questioned Costs $0 Repeat Finding Yes Recommendation We recommend management ensure that the REAC report is filed promptly following the completion of the audit. Views of Responsible Officials and Planned Corrective Actions Management concurs with the finding and agrees with the recommendations. Effective January 1, 2026, management will implement measures such as recurring automated email reminders and scheduled check-in meetings to ensure the REAC report is filed on time going forward.